448 LAWS OF MARYLAND [CH. 130

(d) The rate of interest of the certificates to be issued at any
particular time not exceeding in any case 4% per annum, payable
semi-annually.

(e) The date of the certificates issued at any particular time,
and within the limits prescribed by Article III, Section 34 of the
Constitution of Maryland, the redemption dates of said certificates.

The resolution authorizing the issuance of said loan or any por-
tion thereof shall set forth in detail the dates when any of the certif-
icates representing said loan or any portion thereof are to be re-
deemed and the amount to be redeemed upon such dates, respectively,
according to the serial annuity plan applied to said loan as a whole
or to the group of certificates evidencing a part of said loan
issued at a particular time, as the case may be. Said loan and certif-
icates and every part thereof and the interest payable thereon shall
be and remain exempt from State, County and municipal taxation.

SEC. 2. And be it further enacted, That the Board of Public Works
is hereby authorized and directed to have prepared proper Certifi-
cates of Indebtedness of the State in good and sufficient form to
aggregate the amount of Two Million Four Hundred Thousand
Dollars ($2, 400, 000), as evidence of such loan; such Certificates
of Indebtedness shall bear date as of the time of their issue as pro-
vided in Section 1 of this Act. Each of said certificates shall be signed
and countersigned in the manner prescribed by Section 3 of Article
VI of the Maryland Constitution.

SEC. 3. And be it further enacted, That in order to provide for the
selling of the Certificates of Indebtedness aforesaid, to be issued
under the provisions of this Act, the Board of Public Works is hereby
directed to advertise once before the said Certificates of Indebted-
ness or any part thereof, shall be issued, in two newspapers pub-
lished in the City of Baltimore and in such other manner as the
Board of Public Works in its discretion. may determine, that the
Treasurer of this State will be in readiness at a time within twenty
(20) days after the expiration of said notice to receive bids at such
place or places as may be named in said respective advertisements
for bonds or Certificates of Indebtedness issued under the provisions
of this Act, under such regulations as may be made in the discre-
tion of the Board of Public Works; and the accrued interest between
the date of the bonds or Certificates of Indebtedness and the time
of sale and delivery of and payments for said bonds or Certificates
of Indebtedness shall be adjusted with the purchaser thereof under
such regulations as may be made in the discretion of the Board of
Public Works; and upon the day mentioned in said advertisement
as the date for opening the bids for the proposals thereby called for,
they shall receive such sealed proposals for the purchase of as many
of such bonds or Certificates of Indebtedness as may be mentioned
or designated in said advertisements; and on the opening of such
sealed proposals, as many of said bonds or Certificates of Indebted-
ness as have been so bid for shall be awarded by the Board of Public
Works, to the highest responsible bidder or bidders therefor for
cash, if the prices bid are adequate, in the judgment of the Board of
Public Works, and when two or more bidders have made the same
bid, and such bid is the highest and the certificates so bid for by the